Liverpool City area to see £ 10.5million investment in life science ideas
Metro Mayor Steve Rotheram has revealed his vision for the Liverpool City region as an innovative powerhouse in the UK – by announcing Â£ 10.5million for a unique project to develop big ideas.
The investment created a new company – LCR Ventures – to help innovators turn their ideas into high growth companies and good quality jobs.
The City of Liverpool region aims to invest more than double the national research and development (R&D) target by 2030, linked to Â£ 3 billion in innovation projects.
LCR Ventures will initially provide so-called ‘incubator’ services and finance to very young start-ups in the health and life sciences sector in the City of Liverpool region, which is the one of the strongest in the country.
In the short term, LCR Ventures, considered the only such company in the country, is expected to create 60 to 100 jobs, and more as start-ups grow.
LCR Ventures will take equity stakes in new innovative companies in exchange for financial support and expertise to make them fully sustainable and high growth. If the business is successful, the investment will be recycled and reinvested.
Steve Rotheram, Mayor of the City of Liverpool region, said: âIn the City of Liverpool region we are very fortunate to have a group of world-class research institutions and a genuine passion for innovation. I want to harness these strengths and turn them into profitable businesses, creating jobs and prosperity for the local population, as well as advancements in healthcare that should save and improve people’s lives.
âOur investment builds on the strengths of our region’s fantastic health and life sciences sector and will provide the support needed to help turn great ideas into great businesses.
âI am determined to make our region the country’s innovation engine and, to achieve this, we will invest 5% of our GVA in Research and Development over the next few years, almost double the government’s national targets. I sincerely believe that with the right support, we could help get our health and life sciences industry off the ground.
âBy investing now to establish ourselves as a hotbed of innovation and new technologies, we will be able to attract many more high-skilled and well-paying jobs and attract many more jobs, businesses and opportunities from around the world. “
The initial funding of Â£ 7.5million enabled project sponsor The Innovation Agency to establish LCR Ventures as a stand-alone, non-profit company.
It will also create a Â£ 5million Challenge Fund for the health and life sciences sector, where the city region has world-class assets including the Liverpool School of Tropical Medicine and the largest group specialist NHS hospitals and support assets outside London.
The ambition is to expand to other sectors in the future as additional funding becomes available. The Combined Authority has set aside almost Â£ 3million to achieve this goal.
LCR Ventures founding CEO Lorna Green said the ideas and passion for innovation to improve the lives of patients and staff were already there. But funds are needed “to help these ideas at an early stage, to develop a prototype, test it and protect intellectual property.”
âInvestors want to support a product, not an idea, and with this new fund, we can bridge the gap in development finance at an early stage to make it investment-ready. We will develop a pipeline of high value-added start-ups and by attracting new investment we will be able to take ideas from concept to commercialization, thus increasing the skill base of the region and ultimately benefiting patients and patients. the local population.
The City of Liverpool area has four internationally recognized NHS ‘Global Digital Exemplar’ providers and more specialist health trusts and supporting assets than any UK city outside of London, with centers of excellence of national significance in the fields of children’s health, cardiology, oncology, neurology and women’s health.
He also has innovation assets in the STFC Hartree Center for Artificial Intelligence and High Performance Computing, the University of Liverpool’s Materials Innovation Factory for Materials Chemistry and the Liverpool School of Tropical Medicine for Infectious Diseases. .
Councilor Janette Williamson, Liverpool City Region Combined Authority’s Portfolio Holder for Inclusive Economy and Third Sector, said: âOur investment in LCR Ventures is proof of the scale of our ambition when it comes to to make innovation a key driver of our economy. We want to make sure we can build on the strengths we already have, especially in the health and life sciences, and I’m sure LCR Ventures will act as a very powerful catalyst, enabling our innovators to transform their big ideas in big companies and quality jobs.
More than 100 innovations are currently being developed by NHS clinicians across the city region. LCR Ventures will provide the business support – while allowing clinicians to continue working in the NHS.
LCR Ventures aims to complement and integrate existing support for business and innovation in the city region and has been co-developed by Growth Platform, the Combined Authority and the Innovation Agency, which is the University Science Network health care for the northwest coast.